WTI Crude Oil was essentially the bane of my existence during Friday trading. Very sharp moves in both directions occurred, and at the end of the day we continue to hover around the $70 level. The market doesn’t seem to know what to do at the moment, and with Labor Day coming on Monday, I suspect that a lot of traders simply couldn’t be bothered. If that’s the case, I would expect to see more of this until we get some type of deal with Canada and the United States, which will almost certainly happen. In fact, I would put that at about a 5% chance of happening, no deal at all.

The $69.50 level underneath seems to be very supportive, while the $70.50 level above seems to be very resistive. I think we continue to slam and chop around in this overall area, with no sense of actual direction until we get some resolution. Beyond that though, I think oil does have a bullish outlook, but until we get through with some of the noise that the robots are trading, it’s going to be difficult to grasp any type of traction in the process. I remain range bound, but certainly small in my positions. I would highly recommend trading the CFD markets instead of futures markets, the losses will be much easier to stomach.

Crude Oil Inventories Video 03.09.18

This article was originally posted on FX Empire

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